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DTN Midday Grain Comments     03/27 10:51

   Soybean, Wheat Futures Higher at Midday; Corn Mixed

   Corn futures are narrowly mixed Monday at midday; soybean futures are 8 to 
10 cents higher; wheat futures are 7 to 14 cents higher.

David M. Fiala
DTN Contributing Analyst


   Corn futures are narrowly mixed Monday at midday; soybean futures are 8 to 
10 cents higher; wheat futures are 7 to 14 cents higher. The U.S. stock market 
is mixed with the S&P up 10 points. The U.S. Dollar Index is 10 points lower. 
Interest rate products are mixed. Energies are mixed with crude up 1.55 and 
natural gas off 11 cents. Livestock trade is sharply higher. Precious metals 
are weaker with gold off 25.00.


   Corn futures are narrowly mixed at midday with slightly weaker spread action 
as trade tries to consolidate the gains from the end of last week, as well as 
positioning as we head toward Stocks and Acreage reports at the end of the 
week. Ethanol margins will need more help from unleaded to boost blender action 
with a good start to the week so far as spring driving demand picks up. Basis 
has continued to generally drift back higher. The daily export wire showed 
112,800 metric tons (mt) sold to unknown destinations. Weekly export 
inspections were disappointing at 666,325 mt. The second crop in Brazil is 
heading toward the better part of the growing season with trade watching 
forecasts into April for development with some concerns on the horizon in 
Central Brazil short term. On the May chart we are solidly above the 20-day 
moving average, which is now support at $6.30, and resistance is at the $6.45 
high printed this Friday.


   Soybean futures are 8 to 10 cents higher at midday with weaker spread action 
as trade works to ease the oversold conditions from the midmonth weakness as 
Brazil pushes through harvest and oil tries to lead the product complex. Meal 
is $2.00 to $3.00 lower and oil is 100 to 110 points higher. With South 
American new-crop beans becoming available, export news has remained limited. 
Weekly export inspections were decent, seasonally, at 888,707 mt. China values 
have seen pressure as well with swine fever demand questions short term. Basis 
has generally remained solid short term with the market still showing a 
substantial inverse even with recent narrowing. May chart resistance is now at 
the lower Bollinger Band at $14.22, which we have pushed back above at midday, 
with support at the $14.05 fresh low scored Friday.


   Wheat futures are 7 to 14 cents higher with mixed spread action to start the 
week as spring wheat leads with trade working to consolidate the Friday 
strength as KC works back into the middle of the calendar-year range. Weather 
will continue to support KC action with the western Plains to continue to 
struggle with moisture to the east, while early spring wheat progress will be 
limited. The dollar remains toward the lower end of the range, while Matif 
wheat turns higher as well to support Chicago action. Little other change is 
noted on the world scene for now as India presses into harvest and other 
Northern Hemisphere weather issues are limited for now. Weekly export 
inspections improved a bit at 392,484 mt. On the KC May Chart the 20-day moving 
average is support at $8.16, with the Friday high at $8.61 1/4 becoming 
resistance; these are being tested at midday.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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